JPMorgan Shuffles Managers Below Dimon

JPMorgan Chase & Co, the biggest U.S. bank, announced a broad management shakeup among the executives just below Jamie Dimon, signaling that the bank is preparing for life after its famed chief executive officer.

NEW YORK -- JPMorgan Chase & Co, the biggest U.S. bank, announced a broad management shakeup among the executives just below Jamie Dimon, signaling that the bank is preparing for life after its famed chief executive officer.

The moves were being lined up earlier this year, but were delayed when multibillion-dollar losses surfaced in a portfolio of credit derivatives, said bank spokesman Joseph Evangelisti.

The losses, which came from bets known as the "London Whale"
trades, were a huge black eye for Dimon, spurring outsiders to
argue even more vociferously that the bank needs to think hard
about who will lead after him.

Dimon has fielded questions for years about his succession
plans. This is the third reshuffling of his top lieutenants in
three years. Dimon has said that he likes to move promising
executives around to give them experience in different parts of
the bank.

Mike Cavanagh, 46, head of Treasury and Securities Services,
and Daniel Pinto, 49, head of EMEA and Global Fixed Income, will
become co-CEOs of the Corporate & Investment Bank, according to
the announcement from JPMorgan. Cavanagh, who was once chief
financial officer for the bank, will oversee lending and
investment banking services like merger advisory. Pinto will
oversee trading businesses.

Jes Staley, 55, currently CEO of the Investment Bank, will
become chairman of the Corporate & Investment Bank, a new
position.

Gordon Smith, 53, will have mortgage lending and retail
banking added to his remit, giving him oversight of all consumer
banking businesses.

The former American Express Co executive currently
oversees credit cards and auto lending. For now,
Smith will run the business together with Todd Maclin, 56, but
in 2013, Maclin will become a chairman of the consumer business.

Frank Bisignano, 52, who was put in charge of overhauling
the mortgage business last year, in addition to his role as
chief administrative officer of the bank, will become co-chief
operating officer for JPMorgan as Smith takes on the mortgage
business.

Bisignano will share the COO post with Matt Zames, 41, who
will remain head of the Chief Investment Office and Mortgage
Capital Markets.

In May, Zames was put in charge of the CIO office, the site
of the London Whale trades. He was given responsibility for
unwinding the losing portfolio and overhauling the office.

(Reporting by David Henry in New York; Editing by Gerald E.
McCormick, John Wallace and Lisa Von Ahn)